Sunday, August 14

Indra falls 11.51% in the Ibex 35 after the sale of 5% of the March

Indra has placed this Wednesday in the red lantern of the IBEX 35. The group chaired by Marc Murtra has fallen this Wednesday by 11.51%, up to 9.34 euros, after SAPA Placencia Holding, the company specialized in Defense directed by the Aperribay family and also a shareholder of ITP (with which the Spanish listed company has historically been related), has bought the March family holding company, Corporación Financiera Alba, 5% of Indra for 90.8 million euros.

As notified yesterday by the Basque company to the National Securities Market Commission (CNMV), the group has acquired 8,833,000 shares of the Spanish technology company at 10.28 euros per share, price above what the group is currently trading after the strong stock market punishment this Wednesday.

In addition, SAPA has entered into a contract with Deutsche Bank for an accelerated placement of shares to finance the acquisition. The German entity has the mandate to sell 7,879,036 Indra shares representing approximately 4.45% of its capital, as of this Tuesday and with no closing date. The operation is expected to be settled this Wednesday, December 15, when SAPA has received the funds to undertake the operation.

The SAPA group, headed by the president of the Royal Society, Jokin Aperribay, is one of the Basque entities negotiating together with the investment fund Bain the purchase of the aircraft engine manufacturer ITP from Rolls Royce.

In a subsequent notification to the supervisor, Corporación Financiera Alba ensures that will complete the operation controlling 3.23% of Indra, which means that it had already sold a small percentage of its shareholding package since its last notification to the CNMV on April 30, when it controlled 9.9%. The intention of Corporación Financiera Alba is to progressively get out of technology and give up his seat on the board, occupied by Santos Martínez-Conde, who point out that SAPA has taken the initiative in the operation.

The transaction has meant for the March a Gross accounting loss of approximately 23 million euros At a consolidated level for the holding company, which had been in Indra since 2009, Alba’s second investment with the longest run.

The Sociedad Estatal de Participaciones Industriales (SEPI) will continue to be Indra’s largest shareholder with 18.75%, while the US investment fund Fidelity, which controls 9.8%, will become the second largest shareholder, with SAPA as third.

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